Daily Forex Update: EUR/NZD
By: Dima Chernovolov
EUR/NZD recently broke the daily Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), significant Uniformity (7 bars) and above-average Clarity (6 bars). EUR/NZD is expected to rise toward the forecast price 1.7539 – in line with the earlier breakout of the key resistance level shown below.
As can be seen from the daily EUR/NZD chart below, the breakout of this Triangle coincided with the breakout of the multi-month resistance level 1.7080 (which is the upper boundary of the sideways price range inside which the pair has been trading from December). This price level is acting as strong support after it was broken. The proximity of this support level increase the probability EUR/NZD will continue to rise toward the forecast price 1.7539.
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